News: Maplin secure funding for expansion
Rotherham-based electronics retailer, Maplin, has secured a new £20m revolving credit facility from Lloyds Bank to finance their plans to open 100 new stores and create hundreds of jobs.
Manvers-based Maplin sells a range of 15,000 products to tech-savvy hobbyists as well as general consumers.
The company's website attracts over 170,000 visitors every day and they operate a network of over 200 retail outlets throughout the UK and Ireland. They employ 2,500 staff.
As part of the backing from Lloyds, Maplin has now repaid the original acquisition finance that was used to fund the reported £244m secondary management buyout of the business in 2004.
Claire Webb, finance director at Maplin, said: "Earlier this year we announced plans to improve the business by investing in new stores and improving our online capabilities.
"The funding package we have agreed with Lloyds Bank will support these initiatives.
"In particular, we have received very positive feedback from customers regarding their in-store experience.
"By opening 100 new stores over the next three years we are ensuring that more customers can benefit from this service."
David Hunt, relationship director at the Sheffield office of Lloyds Bank Wholesale Banking & Markets, added:: "Maplin has a strong brand identity and a clear strategy of how and where they see their future. It is a good example of a mid-market business that is generating steady growth.
"These businesses are fundamental to the UK's economic recovery and we are committed to working with them to help them achieve their business goals."
Launched by two technology enthusiasts in 1972 who were frustrated by the lack of good quality electronics components, Maplin Electronics became the experts' choice, with a reputation for the best product range and expertise.
Maplin now has a turnover of more than £200m, a world away from the early days in Essex when founders, Roger Allen and Doug Simmons, remained in their full-time jobs for two years, and the company didn't make a profit.
In 2008 they moved to a 220,000 sq ft state of the art distribution centre and head office at Manvers in Rotherham.
Maplin website
Images: maplin.co.uk
Manvers-based Maplin sells a range of 15,000 products to tech-savvy hobbyists as well as general consumers.
The company's website attracts over 170,000 visitors every day and they operate a network of over 200 retail outlets throughout the UK and Ireland. They employ 2,500 staff.
As part of the backing from Lloyds, Maplin has now repaid the original acquisition finance that was used to fund the reported £244m secondary management buyout of the business in 2004.
Claire Webb, finance director at Maplin, said: "Earlier this year we announced plans to improve the business by investing in new stores and improving our online capabilities.
"The funding package we have agreed with Lloyds Bank will support these initiatives.
"In particular, we have received very positive feedback from customers regarding their in-store experience.
"By opening 100 new stores over the next three years we are ensuring that more customers can benefit from this service."
David Hunt, relationship director at the Sheffield office of Lloyds Bank Wholesale Banking & Markets, added:: "Maplin has a strong brand identity and a clear strategy of how and where they see their future. It is a good example of a mid-market business that is generating steady growth.
"These businesses are fundamental to the UK's economic recovery and we are committed to working with them to help them achieve their business goals."
Launched by two technology enthusiasts in 1972 who were frustrated by the lack of good quality electronics components, Maplin Electronics became the experts' choice, with a reputation for the best product range and expertise.
Maplin now has a turnover of more than £200m, a world away from the early days in Essex when founders, Roger Allen and Doug Simmons, remained in their full-time jobs for two years, and the company didn't make a profit.
In 2008 they moved to a 220,000 sq ft state of the art distribution centre and head office at Manvers in Rotherham.
Maplin website
Images: maplin.co.uk
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